Gluskin Sheff + Associates Inc. announced today its results for the three and nine month periods ended March 31, 2007.

Net income was $5 million, or 17¢ a common share, for the third quarter ended March 31, 2007, and $16 million, or 55¢ a common share for the nine months ended March 31, 2007.

Comparisons of EPS to the prior year’s comparable periods are not applicable as the company was privately held and had a different fiscal year end.

Base EBITDA, (exclusive of performance fees and non-cash expenditures) for the three months ended March 31, 2007 was $10.2 million, up from $6.4 million for the comparable three month period ended Feb. 28, 2006.

For the nine months ended March 31, 2007 base EBITDA rose to $27.1 million from $16.3 million for the nine months ended Feb. 28, 2006. These increases are attributable to the growth in base management fees.

The company’s revenues are derived from base management fees, calculated as a percentage of assets under management (AUM), performance fees, which are earned when the company exceeds pre-specified rates of return, and investment and other income. The company changed its fiscal year end from May 31 to June 30 effective June 30, 2006.

AUM increased to approximately $4.7 billion as at March 31, 2007 from $4.2 billion as at the end of the second quarter of fiscal 2007, and $3.5 billion as at Feb. 28, 2006, the end of the prior fiscal year’s third quarter. The increase of approximately $1.2 billion from the end of the prior year’s third quarter includes net additions from new and existing clients of $650 million and $570 million from investment performance. During the third quarter of fiscal 2007, net additions to AUM were approximately $500 million, which were evenly divided between net additions to client accounts and investment performance.

For the three months ended March 31, 2007, base management fees increased to $16.5 million from $11 million for the three months ended Feb, 28, 2006, an increase of approximately 51%. For the nine months ended March 31, 2007, Base management fees increased to $45.0 million from $28.6 million for the nine month period ended Feb. 28, 2006, an increase of approximately 57%. These increases resulted from the growth in AUM over the 13 month period.

There was no performance year end in the third quarter of fiscal 2007. Performance fees were approximately $171,000 for the quarter ended March 31, 2007, compared to $3.5 million in the prior fiscal year which, due to the change in the company’s fiscal year end, did include a performance year end.

“We continue to be pleased with the company’s growth and performance. Despite ongoing volatility in global capital markets, we continue to build our business by delivering strong, risk-adjusted investment returns and the highest levels of personalized service. We have an active pipeline of new business activity from both existing and prospective clients”, commented Gerald Sheff, chairman and CEO, in a news release.